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Use Small Business Tax Services To Avoid These Audit Triggers

  Use Small Business Tax Services To Avoid These Audit Triggers Did you know there are certain personal expenses you can claim on your tax return if you also use them for business? Two of the most common expenses in this category are costs relating to personal vehicles used for business and home office expenses. Claiming Vehicle Deductions  You can claim a portion of your personal Personal Tax Planning vehicle expenses if you use the vehicle for business purposes. There are two methods available to claim expenses relating to a personal vehicle used for business: actual expenses incurred (prorated for the business portion) or the IRS mileage rate. You cannot claim both. If you do, whether on purpose or by accident, this will likely result in an audit. To calculate the business use portion, add all the miles travelled for business purposes, then divide that number by the total miles driven, and multiply by 100. This will give you a business use percentage. Once you have this percentage,
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